Bill
Bill > S2217
summary
Introduced
03/07/2022
03/07/2022
In Committee
03/07/2022
03/07/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill amends the New Jersey transfer inheritance tax to eliminate the tax on brothers and sisters of a decedent for transfers made on or after January 1, 2022. Presently, transfers to brothers and sisters of a decedent are taxed according to the rate imposed on "Class C" beneficiaries, or at a rate of 11 to 16 percent depending on the amount transferred, with the first $25,000 exempt from taxation. This bill would effectively treat transfers to a brother or sister of a decedent on par with transfers to other immediate family members, including the spouse, domestic partner, civil union partner, father, mother, grandparent, or child of a decedent.
AI Summary
This bill amends the New Jersey transfer inheritance tax to eliminate the tax on brothers and sisters of a decedent for transfers made on or after January 1, 2022. Currently, transfers to brothers and sisters of a decedent are taxed at a rate of 11 to 16 percent, depending on the amount transferred, with the first $25,000 exempt. This bill would treat transfers to a brother or sister the same as transfers to immediate family members, such as a spouse or child, which are exempt from the transfer inheritance tax.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 03/07/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S2217 |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2217_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2022/S2500/2217_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S2500/2217_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S2500/2217_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S2500/2217_I1.PDF |
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